Ghana’s government is unable to impose limitations or restrict the importation of necessities into the nation, according to the International Monetary Fund (IMF).
This arrangement, which is a part of the IMF rescue package, promises to provide Ghana’s balance of payments with almost $3 billion between 2023 and 2026.
The IMF in its programme document on page 76 indicated that “No imposition or intensification of import restrictions for balance of payments reasons.”
There are four decisions that the Ghanaian government cannot make while it is still a part of the IMF program, among other things. These choices comply with the following performance standards that are applicable to all Fund arrangements:
- No imposition or intensification of restrictions on making payments and transfers for current international transactions.
- No introduction or modification of multiple currency practices.
- No conclusion of bilateral payments agreements inconsistent with Article VIII of the IMF Articles of Arrangement.
- No imposition or intensification of import restrictions for balance of payments reasons.